"That award is a great honour...it's an award from another country and it's a big thing for our country. They gave the same award to Satyajit Ray, and now for me to get it, is a huge honour," Mangeshkar said.
Filmmaker Satyajit Ray is another recipient from the film industry to receive the honour for his incisive portrayal of human relationships and universality of themes in his films.
French Ambassador Dominique Gerard, also a recipient of the award, will bestow the honour upon Mangeshkar for her contribution to the world of cinema in December in Mumbai.
The award, instituted by Napoleon Bonaparte in 1802, is traditionally conferred only by a winner of the same honour.
The eldest of five children, Mangeshkar made her debut in films as a child artist at the age of eleven. Four years later, she started singing, struggling to match her immature voice with that of adult heroines.
Her struggle to find a foothold in the world of Bollywood is almost legendary to most debutantes.
Her voice has personified woman characters in films right from the black-and-white period to the modern era.
Focusing mainly on Hindi and Marathi film music, she is one of the world's foremost Indian vocalists. She has sung in thirty-five major Indian languages.
She has also been awarded with the Bharat Ratna, highest civilian award, Lata's younger sisters Usha Mangeshkar and Asha Bhonsle are also famous singers.
Megastar Amitabh Bachchan had been named as a winner of the award. Bachchan will receive the award in January, 2007 at the French Embassy in New Delhi.